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Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a long position with a pending order from levels of 18.50
- Set a stop-loss point to close below the 18.25 support levels.
- Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
- Close half of the contracts with a profit of 70 pips and leave the rest of the contracts until the strong resistance levels at 18.99.
Best-selling entry points
- Enable a short position with a pending order from levels of 18.99
- The best points for setting stop-loss are closing the highest levels of 19.15.
- Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
- Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the 18.55 support levels.
The price of the TRY/USD stabilized during the early trading today. The Central Bank of Turkey, in cooperation with the country's Ministry of Finance, continues to control the price of the lira and work not to record another loss after a series of deliberately managed declines during the current year.
The Central Bank intervenes by imposing specific rules or by pumping foreign currencies into the market to work on stabilizing the price of the lira. In the meantime, investors followed up on data issued by the Investment Office of the Presidency of the Republic in the country, which revealed that the country received about $9.3 billion as of last September in international direct investments.
The finance, insurance, and manufacturing sectors were the main sectors that attracted these investments. The data also revealed that Spain, Switzerland, and the Netherlands occupied the first-third positions in pumping these investments. It is not expected that any data will change the course of the lira in the near time in light of the executive authority's control over the decision of the Central Bank of Turkey.
TRY/USD Forecast
On the technical front, the Turkish lira maintained its stability against the dollar, with the pair continuing to trade within a narrow trading range that has been going on for several weeks. This was considering slight movements with the pair's stability within the rectangle range shown on the attached chart in the four-hour time frame. The pair maintained its lowest levels of support, which are concentrated at 18.40 and 18.20 levels, respectively.
On the other hand, the lira is trading below the resistance levels of 18.70 as well as the psychological resistance at 19.00. At the same time, the pair traded above the 50, 100, and 200 moving averages on the daily time frame, as the pair recorded a bounce from the 50 moving average. However, the price is trading between these averages in the four-hour time frame as well as in the 50-minute time frame, in an indication of the divergence recorded by the pair in the medium term. Any drop in the pair represents an opportunity to buy back again. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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